Technical Analysis of Stock Price Movements Using Fibonacci Retracement and Moving Average Convergence Divergence Approaches : Study on Banking Stocks in the LQ45 Index

I Kadek Dwik Darmawan; Henny Rahyuda

doi:10.61132/ijema.v1i4.293

Authors

I Kadek Dwik Darmawan Universitas Udayana
Henny Rahyuda Universitas Udayana

DOI:

https://doi.org/10.61132/ijema.v1i4.293

Keywords:

LQ45 Index, Banking Stocks, Technical Analysis, Fibonacci Retracement, MACD

Abstract

This study aims to evaluate the accuracy of the Fibonacci Retracement and Moving Average Convergence Divergence (MACD) technical indicators in analyzing the movement of banking stock prices listed on the LQ45 index in the 2020 period. Based on data from PT Kustodian Sentral Efek Indonesia (KSEI) in 2023, there was a significant increase in the number of investors in the Indonesian stock market by 103.6 percent in 2020. This study uses a quantitative descriptive approach with a census method for sampling, which resulted in 5 banking companies as samples: BBCA, BBNI, BBRI, BBTN, and BMRI. Data analysis was carried out using the Fibonacci Retracement indicator to identify potential support and resistance levels, and the MACD indicator to evaluate the strength, direction, and momentum of stock price movements. The results showed that 11 of the 11 signals generated by the Fibonacci Retracement were proven to be accurate, while 43 of the 53 signals generated by the MACD were also proven to be accurate. In conclusion, the buy and sell signals generated by the Fibonacci Retracement and MACD indicators are reliable and effective for use in banking stock trading.

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